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NGPF Activity BankBudgeting

PLAY: The Bean GameEach day we make choices based on what we value as important by assessing whether our time, energy, and money is worth it. This game, adapted from 20 Bean Salary1, will help you discover what is most important to you to spend money on and how your personal experiences and values affect your money management decisions.

BEAN MAP [CLICK HERE TO IMPLEMENT VIRTUALLY INSTEAD]

⭐Housing

⭐Food

Living with family, sharing cost of utilities

Cook at home; dinner out once a week

Share an apartment or house with roommates

Frequent fast food lunches and weekly dinner out

Rent your own place All meals away from home

⭐Insurance

⭐Clothing

AutoNo coverage (ONLY if select no car below)

No cost Clothing Wear present wardrobe No cost

Liability coverage only Shop at discount or thrift stores

Comprehensive coverage

Shop for new clothes

Health and Disability

No coverage No cost Shop for designer clothes

Basic health coverage Laundry Do laundry at parents’ house

No cost

Property No coverage No cost Use laundromat; some dry cleaning

Renters insurance Rent or purchase washer and dryer

Transportation Recreation

1 https://drive.google.com/file/d/0B_2ANA0aXAFibWVCa0oxb0ljdzg/viewwww.ngpf.org Last updated:6/12/20

1

⭐Walk or bike No cost Hiking, hanging out with friends,

scrolling your phoneNo cost

Ride bus or join carpool Streaming service for music, TV, movies

Buy fuel for family car Movie theaters, gym membership, clubs or hobby groups

Buy a used car and gas Concerts, sporting events

Buy new car and gas Big vacations

⭐Furnishings Communication

Second-hand from relatives or friends

No cost No phone No cost

Buy at a garage sale, thrift shop, or used online

Phone with limited data

Rent furniture or live in furnished apartment

Phone with unlimited data

Buy new furniture Wifi at your home

Personal Care Gifts

Basic products: soap, shampoo, toothpaste, make-up, etc.

Make your own

Occasional professional haircuts, basic personal care products

Purchase cards or small gifts occasionally

Regular hairstyling, nails, name brand personal care products

Purchase frequent gifts for family and friends

Contributions to charities and/or religious groups

Savings

Keep cash in a piggy bank at home No cost

5% of income

10% of income

Invest for retirement

Directions: Use your Bean Virtual Excel Spreadsheet

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Part I: Round One Discussion Questions

1. Explain the reasoning behind how you spent your 20 bean income.

2. Take a moment to think about your values around money. Then, look at the top three to four categories where you are spending most of your beans. How do these choices reflect your values around money?

3. Compare what you spent your beans on with another student in your group. What similarities and differences did you notice?

Similarities Differences

Part II: Round Two Discussion Questions

4. Think about how you chose to remove the 7 beans. What tradeoffs did you have to make? How did you decide which categories to cut down on?

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5. What did you learn about yourself and your values around money through the process of cutting down your budget?

6. Compare your budget-cutting choices with another student in your group. What similarities and differences did you notice?

Similarities Differences

Part III: Reflection

7. Did the cost of any of the categories and options surprise you? Which ones and why?

8. What previous experiences in your life influenced how you would allocate your beans across your budget?

9. What 3 main takeaways did you learn from this activity to help you create strong, realistic budgets for yourself in the future?

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